Interview with Victor Verberk, CEO and CIO of Osmosis NL
Eighteen months after launching Osmosis NL – and one year after winning its first mandates for its Global High Yield and Global Credit UCITS Funds* – the business already manages more than $600 million (end June 2026) for a growing base of international clients. Here, Victor Verberk reflects on leaving a major European asset manager, building a new credit investment platform from the ground up, and the freedom of a more nimble team is changing the way they invest.
*These Funds are not available for US investors.
What has surprised you most about launching and building a credit investment manager?
Several things have surprised me. The biggest positive has been the speed of execution. Today we decide something and tomorrow we can start executing. The lack of red tape means our time to market can be much shorter than that of larger competitors.
That is also possible because of the people who joined me. Everyone chose this adventure deliberately, so there is a genuine can-do mentality. Watching the team take ownership, make progress and build something together has been a real joy. It is something I have not experienced in quite the same way before.
The biggest surprise on the other side has been the difficulty of getting started. Regulation is, of course, essential, but many legal and regulatory processes are designed to capture large firms.
There is also a broader conservatism when it comes to working with new businesses. The emphasis on avoiding mistakes can become more important than enabling innovation. We overcame those hurdles through experience, determination, and support from the wider Osmosis Group, but I was still surprised by how challenging they were.
“Watching the team take ownership, make progress and build something together has been a real joy.”
What has been the biggest challenge over the past 18 months?
There has not been one defining challenge – it has been a series of critical milestones. First, securing working capital and seed capital. At that stage, a handful of clients have to give you the benefit of the doubt.
Then came the regulatory hurdles and obtaining our AIFM licence – a very time-consuming process. Interestingly, the policy requirements are effectively the same whether you are a global asset manager or a boutique.
The next challenge was operational readiness. Selecting and implementing the operational backbone providers, seeding the strategies, managing brokers, swap counterparties, and futures clearing agents, and making sure everything had been tested, and retested, for a flawless launch required enormous attention to detail.
Since then, the business has moved into a more normal rhythm. Research, portfolio management, trading, NAV calculations and regulatory reporting are all familiar territory. Those are challenges we have solved many times before.
How has being part of the wider Osmosis Group helped accelerate the journey?
Without the wider Osmosis Group, we simply would not have achieved what we have – and certainly not at the same speed. We were able to build our investment capability with an established firm behind us, drawing on existing fund structures, operational expertise, marketing capabilities and institutional relationships.
But, it has worked both ways. My team brought decades of experience in managing portfolios, strong technology expertise and additional sustainable investing intellectual property. Together, it has been a natural fit, and today both businesses are accelerating each other’s development.
“Without the wider Osmosis Group, we simply would not have achieved what we have.”
What can a lean team do that a large organisation cannot?
Nowadays, almost nothing is out of reach. Technology has changed the equation. When it is embedded across the organisation, a focused team can achieve an extraordinary amount, particularly in a research-intensive asset class like fixed income.
In the end, asset management is about three things: people, performance and clients. Those fundamentals never change. Our job is to select exceptional people across every part of the value chain, give them the trust and responsibility to make decisions, and ensure no one becomes complacent. What really differentiates a smaller platform is a reduction in bureaucracy. Decisions are made more quickly, execution is faster, and the entire organisation is more focused on clients rather than being hampered by internal complexity.
Performance will always be what matters most to clients. We are building on investment process experience that people have gathered and refined over decades, while using technology to make that process even stronger. At the same time, we’ve evolved our client proposition. Today, clients expect more than performance alone – they also want meaningful data and insights. We believe a focused, technology-driven team can deliver both just as effectively as a much larger organisation.
What aspects of the team culture have you deliberately built differently?
We have deliberately built a business where expert teams are empowered to make decisions and take ownership. That creates accountability, but it also creates speed and encourages innovation.
There is also a much stronger entrepreneurial mindset. Everyone steps beyond their core job description because that is what building a business requires. While everyone is a shareholder, it is really the sense of collective purpose and the excitement of creating something new that drives the team every day. People give their best to the company and the company gives its best to the client.
“We have deliberately built a business where expert teams are empowered to make decisions and take ownership.”
As you look ahead, what excites you most about the future of Osmosis NL?
For me, it’s innovation. Technology will continue to play an increasingly important role. Sustainable investing data, real-time reporting and AI-enhanced research will fundamentally change the way investment firms operate. We are moving towards active management delivered at passive-fee economics, and we intend to be at the forefront of that shift. Technology has also levelled the playing field. Success is becoming less about scale and more about how quickly you can innovate.
Innovation is also changing the way we think about sustainable investing. We have deliberately evolved our thinking from sustainable investing towards transition investing. The industry is moving beyond simple exclusions, towards a deeper understanding of which companies are genuinely driving the transition to a more sustainable economy.
That is what excites me most. We’ve built a business designed for where the industry is heading, not where it has been. I believe the industry’s largest players are now the ones that need to adapt.
That’s where a boutique has a real advantage. A focused, entrepreneurial team can move quickly, adopt new ideas without unnecessary bureaucracy and continually improve the way we invest and serve clients.
“We are moving towards active management delivered at passive-fee economics, and we intend to be at the forefront of that shift.”
Important Information
Osmosis Investment Management NL B.V. (Osmosis NL) is licensed as an Alternative Investment Fund Manager (AIFM) under the Alternative Investment Fund Managers Directive (AIFMD) and the Dutch Financial Supervision Act (Wet op het financieel toezicht, Wft) and authorized to provide discretionary portfolio management services. Osmosis NL is subject to supervision by the Dutch Authority for the Financial Markets (AFM).
This document and any marketing communication are intended solely for Professional Investors as defined in the Wft. It is not directed at, nor intended for distribution to, any person in any jurisdiction where such distribution would be unlawful.
The information provided is for general information purposes only and does not constitute investment advice, a recommendation, research or an offer or solicitation to buy or sell any financial instrument. It is not tailored to individual circumstances or investment objectives.
The views expressed are as of the date of publication of this document and may change without notice. Although this information is obtained from sources believed to be reliable, no representation or warranty is made as to its accuracy or completeness. Osmosis NL accepts no liability for any direct or indirect loss arising from use of this information
Past performance is not a reliable indicator of future results. No representation or warranty is made that any account or investment will achieve results similar to those shown. Actual results may differ substantially due to factors such as market conditions, timing and pricing of trades, portfolio composition, fees, and client circumstances. Investments can fall as well as rise in value and may result in the loss of capital. Forecasts, projections, or targets are for illustrative purposes only and are not guaranteed in any way.
Any investment examples included herein are for illustrative purposes only and do not constitute a recommendation to buy or sell any specific security. There is no assurance that such investments will remain in the strategy or have ever been held. Case studies have been selected on a non-performance basis as indicative of the investment approach and process.
Benchmark information is provided for comparison purposes only. Indices are unmanaged, not available for direct investment, and do not reflect the deduction of fees or expenses, which would reduce returns. Past benchmark performance is not a reliable indicator of future results, and the referenced benchmarks may not be appropriate for all investors.
If reference is made to an investment fund, please refer to the relevant fund’s prospectus or offering documents with more details on investment objectives, costs, and risks before making any final investment decisions.
Scenarios and performance presented are estimates based on past data and current market conditions and are not exact indicators of future results. Actual outcomes will vary depending on market performance and the duration of investment.
Clients are encouraged to consult their own legal, tax, accounting, and other professional advisers before making investment decisions and to promptly inform Osmosis NL of any changes to their investment objectives or financial situation.
For Australian Investors: Osmosis NL is a Corporate Authorised Representative (CAR 001316961) of Eminence Global Asset Management Pty Ltd (EGAM) (AFSL holder 305573). Where Osmosis NL provides financial services in Australia, it does so as an authorised representative on behalf of EGAM. The information and materials contained in this document have been prepared for accredited wholesale clients only, as defined by the Corporations Act 2001 (Cth) and in accepting the content of this document, you warrant that you are such an investor.